Interactions bags $56M, to focus on AI tech expansion

The funding will be used for global expansion in terms of sales and marketing and make advancements in AI technology field

Interactions

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A journalist who always tries to get a hang of emerging enterprise tech world.

Massachusetts-based, Interactions, that provides natural language, speech and virtual assistant solutions for communications, healthcare, retail and insurance sectors, claims to have secured $56 million in a funding round led by Revolution Growth, NewSpring Capital and Comcast Ventures along with existing investors. The company states that the funding will be used for growing the company in order to fulfil demands and make advancements in Artificial Intelligence (AI) technology.

Mike Iacobucci, CEO of Interactions stated,”We are extremely pleased to have the backing and influence of Revolution Growth, NewSpring Capital and Comcast Ventures to continue to propel us forward. Interactions is experiencing widespread, growing demand for its speech and natural language offerings.”

In order to meet this demand, we’re making strategic investments to advance our core artificial intelligence technology, further global expansion efforts and strengthen the company’s marketing and sales efforts.

Founded in 2004, Interactions claims to provide innovative products and solutions designed for the next generation of customer care. Its solution ranges from finance, healthcare, banking, insurance, communications, travel and hospitality, retail and business models. The company’s aim is to integrate the technology and human intelligence in order to improve the way businesses work and deal with their customers.

Interaction also claims that its virtual assistance solutions offers productive experiences to customers and businesses by enabling them to conduct complex transactions without interacting with a live agent. This saves the operational costs of the businesses with an enhanced customer experience.

Andrew Cleland, Managing Director, Comcast Ventures said, “Customer care is increasingly becoming a point of competitive differentiation, rather than a cost of doing business. Through Interactions exclusive combination of automated natural language understanding, AI and human assisted understanding, the company surpasses its rivals and demonstrates unparalleled consumer understanding.”

Bob Davoli, Managing Director, Sigma Prime Ventures said, “The company’s industry-leading technology is critical in enabling innovative enterprises to deliver leading-edge customer service while slashing operating costs. Sigma is delighted to welcome Revolution Growth, NewSpring Capital and Comcast Ventures to join in the next phase of tremendous growth for Interactions.”

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